AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is trading downwards steadily; it has already reached the retracement of 50.0%. The next downside target may be the retracement of 61.8% at 0.6832. At the same time, there is a convergence on MACD, which may indicate a possible pullback after the price reaches its target. The resistance is at 0.7009.
In the H1 chart, there is a local convergence on MACD, which may indicate a possible rising correction towards the retracements of 23.6%, 38.2%, and 50.2% at 0.6965, 0.7011, and 0.7048 respectively. The support is the low at 0.6891.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, there was a divergence on MACD, which made the pair start a new descending correction, which has already reached the retracement of 23.6%. After breaking the current consolidation range to the downside, the instrument may continue falling towards the retracements of 38.2%, 50.0%, and 161.8% at 1.3349, 1.3296, and 1.3242 respectively. The upside border of the range is at 1.3522.
In the H1 chart, the divergence made the pair start a new decline, which has already reached the retracement of 50.0%. The next downside targets may be the retracements of 61.8% and 76.0% at 1.3423 and 1.3407 respectively, as well as the local low at 1.3380. The resistance level is the high at 1.3493.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.